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I did it, I froze my credit cards... now what?

I froze my credit cards. I put them in a bowl of water, and put them in the freezer. It is actually a good feeling, because I know that if I really need them, they are there, it will just take some work to be able and use them. Now, I would like some opinions. We will be getting about $7000 dollars back on our taxes (they take out alot) and I don't know if I want to pay all of it to our credit cards (they are all about 4% interest). My husband wants to put it in a saving account (that we won't have easy access to) in case something happens (like he loses his job). And really try to pay them (c.c.'s) down in the meantime. We owe about $13,000 in credit card debt. And if we are really try hard, we can pay at least $700 to the credit card / month. What do you think? We are really making some changes in the way we think thank God! & his job does look secure, but you never know...

Answer Question
 
Anonymous

Asked by Anonymous at 3:59 PM on Feb. 17, 2009 in Money & Work

Answers (11)
  • pay the highest rate down as much as you can and save the rest of the money you guys get back.
    Anonymous

    Answer by Anonymous at 4:01 PM on Feb. 17, 2009

  • so i thought that waas a joke a first that you literally froze them. that is such a good idea though!! I'd save your money incase your hubby getes laid off... and just continue to make monthly payments
    krazyash023

    Answer by krazyash023 at 4:01 PM on Feb. 17, 2009

  • I say go ahead and pay on them with your taxes..
    Anonymous

    Answer by Anonymous at 4:01 PM on Feb. 17, 2009

  • How about pay $5000 on the credit cards and leave $2000 in the bank just in case?
    Anonymous

    Answer by Anonymous at 4:02 PM on Feb. 17, 2009

  • Save it only if you can make more than 4% interest. Otherwise, you're saving by paying down your debt.
    halfpint_ny

    Answer by halfpint_ny at 4:02 PM on Feb. 17, 2009

  • yeah with the way the economy is I would bank it, continue to live like you do and DO NOT TOUCH that money if you dont have to, keep those cards in the freezer until paid off. I know it is hard but when my hubby lost his job, it was hard. I wished I still had that money in the bank instead of paying this off or down.
    midnightmoma

    Answer by midnightmoma at 4:03 PM on Feb. 17, 2009

  • That is a good thing you did, now try to control yourself go watch that movie Shopoholic and let your dh handle this situation.credit cardNow let's go shopping...lol

    Anonymous

    Answer by Anonymous at 4:04 PM on Feb. 17, 2009

  • I would put 60 days worth of living expenses in savings and use the rest to pay on CC bills
    customcat2000

    Answer by customcat2000 at 5:22 PM on Feb. 17, 2009

  • I would just pay the cards down starting with the one that has the highest finance charges and then save about 300 dollars a month and use the rest to continue to pay down the debt. Just think of how much money you will have once you're debt free!!
    SylviaNCali

    Answer by SylviaNCali at 8:33 PM on Feb. 17, 2009

  • Maybe try to get a credit card with 0% interest for 18 months. That way you'd have almost all of it paid off in a year and a half.
    Anonymous

    Answer by Anonymous at 9:57 PM on Feb. 17, 2009

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